CBN approves 9mobile first service payment bank licence

*CBN’s approval to 9PSB would save bank customers from long queues, consistent network failure, stringent documentations to access credit facilities

Emmanuel Akosile | ConsumerConnect

In a move to help in driving financial inclusion in the Nigerian financial technology (Fintech) ecosystem, 9PSB (Payment Service Bank), a subsidiary of 9mobile, says it has been granted approval by the Central Bank of Nigeria (CBN) to commence operations in the country.

The telecom company in a statement Saturday, August 27, 2020, said that its *990# payment service banking platform would help in driving financial inclusion in the country’s payment ecosystem.

9mobile stated that the CBN’s approval to 9PSB would also save bank customers from long queues in banking halls, consistent network failure, stringent documentations to access credit facilities and frequent transaction/dispensing error, among others.

Alan Sinfield, 9mobile Chief Executive Officer (CEO), on 9PSB entrance into Nigeria’s financial industry, disclosed that there was a huge potential in the market, and 9PSB is strategically positioned to expand its operations into financial services.

Sinfield said: “We are happy to be the first Payment Service Bank to provide all Nigerians with access to banking services and open up a digital world of possibilities to improve everyday lives.

“We know that this new development will further improve the country and the people going forward.

“In 2018, 9mobile partnered with UBA to roll out 9Pay, a mobile payment solution while also pushing for a Fintech licence.

“We are delighted that we have now secured final approval for a Payment Service Bank.” Mr. Phillips Oki, Chief Financial Officer (CFO) of the company, said: “The financial inclusion that 9PSB will provide will be an enabler to achieving unparalleled benefit in everyday transactions.”

The code *990# allows Nigerians to perform all financial transactions including utilities payment from the comfort of their phones and homes on any mobile network at no charge, said Mr. Oki.

He added that with a large network of agents strategically located in both urban and rural communities, 9PSB would make sending and receiving money seamless and less stressful for all Nigerians.

“9PSB is also available on mobile App and internet banking for ease of banking and simplicity.

“Over the coming weeks, 9PSB will unveil its products and services to Nigerians,” he stated.

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